自生能力与我国当前资本市场的建设

Viability and the Development of China’s Capital Markets

本文分析了中国资本市场的一些独特现象，回顾了国内学术界关于资本市场问题的一些代表性观点，并指出这些观点所存在的不足。作者认为。上市的国有企业普遍缺乏自生能力，从而不能够获得正常利润，是资本市场诸多问题的根源。作者在一个统一的框架下进一步分析了国有企业、自生能力和资本市场的关系，并提出了资本市场改革的政策建议。

The paper analyzes the abnormal phenomena in China's capital markets and pro- vides a critical review of the existing hypotheses about the phenomena.The paper argues that the lack of 'viability' among most of the listed SOEs is the primary cause of the problems in China's capital markets.The paper also applies a consistent framework to analyze the relationship among viability,SOEs and the capital markets,and makes some policy proposals for improving China's capital markets.